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Letter of Undertaking (LUT)
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Letter of Undertaking (LUT)
What is a Letter of Undertaking under GST?
Under GST, two options are being provided to exporters of goods or services or both for affecting such supplies:
- Submit a LUT or Bond (as applicable) to the Commissioner of GST. In this case, there is no need to pay tax on exports and the assessee can claim a refund of GST paid on its inward supplies.
- Pay IGST on exports and then after claim refund for the same.
Letter of Undertaking (LUT):
All registered taxpayers who export the goods or services will now have to furnish a Letter of Undertaking (LUT) in GST RFD-11 form on the common portal of GSTN to make exports without payment of IGST. Letter of the undertaking has to be filed /submitted online before exporting the goods/services.
Hence, if you are engaged in the Import-Export business, then it would always be a great option to file a LUT for getting exemption from paying GST.
Benefits of filing LUT:
- Once you submit the LUT, it is valid for one whole year.
- There would be no additional compliance.
- IGST will not have to be paid on exports for a year.
Documents required for filing of LUT for export under GST
- Request letter for acceptance of RFD 11. The request letter should be on letterhead and signed by the proprietor/director/partner of any authorised person
- Self-declaration that the conditions of the Letter of Undertaking shall be accepted unless there is specific permission granted.
- A self-declaration by the exporter to the effect that he has not been prosecuted Copy of GST registration certificate
- Copy of IEC code (not applicable in case of services)
- GSTR 3B of all three months.
- Export bill/invoice
- PAN and ID of the signatory and off witnesses duly signed.
- Letter of authorization.
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